Will a Shiba Inu replace Benjamin Franklin?
Updated: Nov 10, 2021
I recently found myself a bit challenged attempting to explain Crypto Currency to a friend… As excited as I am about it I find it difficult to explain as it is this new concept and as revolutionary as it is.. Some of it is as ridiculous as it sounds..
I can hardly understand how a tiny investment I made knowing its “high volatility” could make so much money.. I mean a 300% growth in a year? It still has not dropped anywhere near the initial investment and continues to grow.
Naturally questions arise.. Will this tank our current financial system? When people realize they don’t have to feed a bank who is hungry for an interest and debt system what will happen? Like a native person watching a foreign ship sail into shore and realizing its probably about about to be colonized and doesn't really know how to receive the incoming pirates... I guess we will see?
A friend of mine with a degree in finance from Harvard told me after a few glasses of wine that I was silly to be excited about my “loot” and at the that at the end of the day it really was the government doing this, and to not be surprised if it ushers in a “one world currency”.. Ok.
If you are curious and have a sense of adventure here are a few ways to jump in now. I mean the worst that could happen is you loose a few bucks. One can really make some money simply by holding onto a few coins bought on the cent and that are now almost a dollar.
“Diamond Hands” is a term used meaning don’t sell even if it tanks. It will rise back up and quick. Crypto like any creature is a living and breathing organism, like an oceans tide or a lung expanding and contracting. Hence the volatiliTy.
We’re keeping an open mind for now. Who knows it could be the gold rush of the century?
Here’s hoping to be the next providers of generational wealth.. And a little break down of the coins available now that are worth looking at…
"Coins" and their Primary functions
# 1 BTC (Bitcoin)
Its primary function is “store of wealth” its liken to “digital gold. ”
# 2 ETH (Etherium)
Decentralized smart contract platform, all that means is that is like an
operating system that allows “apps” to be built on top of it.
# 3 ADA (Cardano)
Similar to Etherium in that it is a decentralized smart contract but has lower fees and specific use cases.
# 4 USDT (Tether)
Known as a “Stable Coin” it is pegged 1:1 to the U.S Dollar.
# 5 BNB (Binance Coin)
Is native to the largest “Crypto Exchange” called “Binance.”
# 6 XRP (Ripple)
Is called “The Bankers Coin” and its primary function is to settle global payments across borders.
# 7 SOL (Solana)
Another smart contract platform similar to the previous ones mentioned above, but uses a concept called “proof of history” and “proof of stake” instead of using “proof of work.”
# 8 DOT (Polkadot)
A “multi chain protocol” and its function is to basically allow different block chains to “talk” to each other.
# 9 DOGE (Dogecoin)
Is pretty much a "meme coin" and my personal favorite. Elon Musk created it in the image of his Shiba Inu, yes its that easy to create your own currency and when you buy 9.5 million at .1cent its pretty funny to watch rise to .25 cents. LOL
Is another coin that is pegged 1:1 to the USD. Easy enough.
You have to use different apps such as; Gemini, MetaMask, Crypto.com, Cexio, Robinhood.com, to buy each currency seperately. Then you will store them in your “wallet”
You can buy in at decimal fraction just like a regular stock and you would just have to use a conversion calculator to relate its dollar amount.. I mean who hasn’t changed currencies while traveling? It’s pretty simple after the first time.
The apps are kind of like cable networks and they are providers of specific channels.. It’s hard to get them all on one platform however it should come soon enough. It also gets a little finicky with which app to download in order to “hold” these crypto currencies but you can use these different apps and kind of get them into one “wallet.” Hopefully a universal platform will arrive but in the mean time each app is a bank who is going to try and get a piece of the pie like HBO and Showtime… The most common is the “robin hood” app but I really would advise against using this one, it is very easily used to buy fractions of major mainstream crypto currency but you don’t really own it, they do, welcome back to the banking system. Will elaborate more soon.
I personally like Crypto.com the best. It takes a while to understand the app but if you poke around long enough you will start to see how it works.
Obviously it is a whole new language in currency and they all work hand in hand with each other. Jump in the water friends.